New research\nrevealed today states that couples typically need \u00a326k a year and single people\nneed \u00a319k a year to have a comfortable retirement. This amount would\ncover essential bills plus regular short-haul holidays, leisure activities,\nalcohol and charity donations. <\/p>\n\n\n\n
In order to achieve this, a couple would have to save private pensions worth \u00a3154,700 between them whilst an individual would need to build a pot worth \u00a3192,290 according to the study by consumer group Which?<\/p>\n\n\n\n
You can read more\nabout the study at This is Money: https:\/\/www.thisismoney.co.uk\/money\/pensions\/article-9640827\/Couples-need-26k-single-people-19k-year-happy-retirement.html<\/a> \nIt\u2019s worth bearing in mind that this model overlooks issues such as care costs\nand declining homeownership. <\/strong><\/p>\n\n\n\n There are several ways that you can look to\nboost your pension: <\/strong><\/p>\n\n\n\n \u2022 Check for\nmissing funds: The Department for Work and Pensions estimates that there could\nbe 1.6m lost pension pots, containing a total of \u00a319.4bn. The government offers\na scheme to track down lost pensions at: gov.uk\/find-pension-contact-details.<\/a><\/p>\n\n\n\n \u2022 Make use\nof pension freedoms: From the age of 55 you can do what you want with your\nretirement savings: you can draw an income, buy an annuity, take a cash lump\nsum or a combination of these options. Making the best use of a mixed approach\nto your retirement income could boost your income, and an adviser can help with\nthis.<\/p>\n\n\n\n \u2022 Inform\nyour pension provider: If you are considering delaying your retirement, tell\nyour workplace pension provider in plenty of time. This will prevent your\npension moving into lower-risk assets and missing out on further opportunities\nfor growth.<\/p>\n\n\n\n There are\nplenty of free resources out there that can help you plan for retirement. For\nexample, you can speak to the government-backed free guidance service Pension\nWise about any concerns. You can find out what you are on track to receive from\nthe state pension, and when it will be paid, by using the government\u2019s online\nforecast tool at: gov.uk\/check-state-pension.<\/a><\/p>\n\n\n\n Whatever\nstage of life you are at, Hammett Wealth Management offers unbiased expert\npension and retirement planning advice. Our professional, qualified Independent\nFinancial Advisers will look at whether your current pension arrangements are\nlikely to help you achieve your retirement goals. If not, we will recommend\nactions to take and the likely effect of them in order to secure your financial\nfuture.<\/p>\n\n\n\n We ensure\nthat you fully understand all of your numerous retirement options and that you\ndon\u2019t have to take the first offer from your existing pension provider. There\nis nearly always better value to be had from the open market when considering\nannuities and the new flexible pension option should also be fully considered.\nOur impartial advice takes into account all of this as well as the latest\nretirement and pension legislation, including the new limits on lifetime\nallowances. If necessary, we will also recommend any steps you can take to\nlimit your tax liabilities.<\/p>\n\n\n\n We can also\nreview all of your existing arrangements and look at the performance of the\nunderlying funds, the charges being levied and assess the projected income at\nyour chosen retirement date.<\/p>\n\n\n\n Please call us on <\/strong>0114\n235 3500<\/strong> for a free initial meeting<\/strong>. Our office is operating as normal but we can also offer\nappointments by telephone or Facetime, Microsoft teams & Zoom.<\/p>\n","protected":false},"excerpt":{"rendered":" New research revealed today states that couples typically need \u00a326k a year and single people need \u00a319k a year to have a comfortable retirement. This amount would cover essential bills plus regular short-haul holidays, leisure activities, alcohol and charity donations. In order to achieve this, a couple would have to save private pensions worth \u00a3154,700 … Continue reading “How much do you need for a happy retirement?”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-406","post","type-post","status-publish","format-standard","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/posts\/406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/comments?post=406"}],"version-history":[{"count":1,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/posts\/406\/revisions"}],"predecessor-version":[{"id":407,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/posts\/406\/revisions\/407"}],"wp:attachment":[{"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/media?parent=406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/categories?post=406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/tags?post=406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}